PNC Financial Services Group Inc. Boosts Stake in Tesla, Inc. (NASDAQ:TSLA)

PNC Financial Services Group Inc. increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 494,128 shares of the electric vehicle producer’s stock after acquiring an additional 25,354 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tesla were worth $199,549,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Transcendent Capital Group LLC acquired a new position in shares of Tesla during the 3rd quarter worth approximately $29,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Tesla during the fourth quarter worth $46,000. PayPay Securities Corp boosted its position in shares of Tesla by 130.2% during the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after acquiring an additional 69 shares during the last quarter. Peterson Financial Group Inc. acquired a new position in shares of Tesla during the 3rd quarter valued at about $35,000. Finally, Finley Financial LLC acquired a new position in shares of Tesla during the 4th quarter valued at about $64,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $262.67 on Friday. The company’s fifty day moving average price is $367.78 and its 200 day moving average price is $318.03. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The firm has a market capitalization of $844.88 billion, a P/E ratio of 128.76, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on TSLA shares. Royal Bank of Canada reiterated a “mixed” rating on shares of Tesla in a report on Saturday, February 8th. Robert W. Baird decreased their price objective on Tesla from $440.00 to $370.00 and set an “outperform” rating on the stock in a report on Thursday. TD Cowen raised Tesla from a “hold” rating to a “buy” rating and upped their price target for the company from $180.00 to $388.00 in a research note on Friday. Phillip Securities cut shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler upped their target price on shares of Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Nine investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and a consensus target price of $327.37.

Insider Transactions at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 2,672 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $268.73, for a total value of $718,046.56. Following the completion of the transaction, the chief financial officer now owns 26,950 shares in the company, valued at $7,242,273.50. This trade represents a 9.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 422,452 shares of company stock worth $153,659,530. Insiders own 20.70% of the company’s stock.

Tesla Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.